Gold prices have reached high in recent months, and experts think they’ll set new all-time highs next year. Therefore, selling gold jewelry or bullion may be a good idea if you don’t want to miss out on the incredible opportunities these trends bring or need to get immediate cash.
However, before selling those gold rings in your jewelry box, you should consider several things, including where to find the right buyer.
Fortunately, you were lucky enough to find this guide. Here’s everything you need to know to choose the best place to sell gold jewelry and other items. Read on!
3 Things You Should Consider Before Selling Your Gold Items
Selling gold can be a complex process with many challenges. Learning a few things before meeting with potential gold buyers to avoid common issues would be best. These are the main three:
Purity
One of the first things you should do if you’re planning to sell gold is define possible prices. However, you need to understand what “karatage” is to set the correct value for these items.
The karatage, also known as “caratage” or the number of karats, measures the purity of gold. 24-karat gold is not mixed with other metals, so it’s pure.
When the number of karats is lower, other alloys are in the mixture. Other metals are often combined with gold for stronger and more durable results. However, the more gold it contains, the more expensive the piece is.
An 18-karat gold item often contains 75% gold. The other 25% is a mix of precious metals: copper, silver, zinc, or palladium.
There are also differences in color depending on the purity of the gold. Pure gold is bright yellow, but other metals can alter it.
What’s the Minimum Number of Karats to Consider Something as Gold?
If you plan to sell gold bullion, you may wonder what the minimum karatage is for something to be considered gold. This is an essential aspect that most gold buyers evaluate.
In the US, the legal minimum number of karats is 10. However, this may vary in each country.
How to Know How Many Karats Your Gold Has
Do you want to sell your broken gold jewelry but don’t know how to check the karatage of your piece? Don’t worry! It’s easier than you think.
When it’s from the US, gold should have a stamp indicating the number of karats. According to the National Stamping Act of 1906, all vendors must include this information on every piece of gold they sell.
Knowing the number of karats of your pieces is essential, even if you’re selling scrap gold, as it’s the main factor influencing the price.
Other Factors Affecting Price
Besides purity, other factors can affect the value of your gold items. These are:
Sales Value
Many gold buyers resell the pieces they purchase. After inspecting your items’ condition, they determine if they have high sales potential.
The gold buyer might offer a better price if your piece could sell fast. However, they’ll pay less for unpolished items because they’ll spend more money to clean or repair them.
Spot Price
The spot price is the current market price. Since it changes daily, you should check it before selling your pieces.
Designer Piece
Are you selling gold jewelry? If the piece has been made by a renowned designer or a recognized big brand, it’ll be more valuable.
Types of Gold You Can Sell
Most people own gold in the form of jewelry or coins, but those aren’t the only pieces you can sell for cash.
You can sell all these forms of gold:
- New gold jewelry
- Old or broken gold jewelry
- Gold coins
- Gold bars or ingots
Where Can You Sell Your Gold for Cash?
Now that you know the essentials to sell gold, it’s time to learn how to find the best place to do it. Should you sell your gold online? Should you visit jewelry stores? Let’s go over the best options.
Jewelry Stores
A jewelry store will always be the safest option for selling gold, especially if it’s your first time doing it.
If you visit a jewelry store, you’ll sell your gold to certified professionals. These experts will also answer all your questions and provide all the information you need throughout the process.
Also, you must check the store’s rating to know if it’s reliable.
If you’re looking for gold buyers in Austin, Abercrombie may be the ideal choice. Our reputable jewelry store always offers fair prices for your precious gold items.
Online Gold Buyers
You can also find a reputable gold buyer online. However, the selling process can be more difficult if you choose this option. These are some common challenges:
- You don’t know if you’re getting a fair deal.
- The risk of scams is high. You don’t know if you’ll get your money in the end.
- Your personal information could be at risk.
If you want to sell your gold online, choose a reputable gold buyer, such as Abercrombie. Visit our website to request a fast quote or schedule an appointment to get more information about the process.
Pawn Shops
When you urgently need cash, you may be tempted to sell your gold to a pawn shop. However, this isn’t always the best idea.
Pawn shops don’t always give fair prices when buying gold. More often than not, they offer between 25% and 60% of the gold piece’s resale value.
In addition, jewelry stores offer the same or even more benefits as pawn shops. They can also make instant payments if necessary.
Why Should You Sell Your Gold to a Local Jewelry Store?
Choosing a reputable buyer for your gold items can be the most challenging selling process. Your main goal is to avoid risks and get fair prices.
Also, it would be best to find a place that is reliable and safe or has a good reputation. That’s why you should choose a jewelry store.
While selling your gold online may be easier, choosing a jewelry store can help you save money and protect your precious metals.
These are other reasons why you should choose a jewelry store:
- There’s no middleman handling the process, so you get the full price for your gold pieces.
- If you sell to a jewelry store, you’ll get guidance from seasoned professionals through the entire process.
- It’s easier to check the reputation of a jewelry store than that of an independent gold buyer.
- Many jewelry stores also buy gold online. Some offer a free appraisal kit to make the process easier and safer.
- A jewelry store can buy gold in several forms, from broken jewelry to collectibles.
Final Thoughts
While selling your gold can be complex, time-consuming, and risky, the process gets easier when you choose a reputable jewelry store.
Whether you want to sell scrap gold or diamond jewelry, you can be sure you’ll receive a fair offer from a reputable store. In addition, you’ll get assistance from professionals throughout the process, and your data will always be protected.
When it comes to finding gold buyers, Austin residents have many options. There’s an ocean of stores. However, Abercrombie can be your best ally. We’ll go the extra mile to provide an excellent customer experience. Also, we’re willing to purchase multiple gems and pieces of jewelry and are committed to thoroughly examining your gold items to give you an accurate appraisal. Contact us today!